Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | SCHWAB Andreas ( PPE) | KOFOD Jeppe ( S&D), LOONES Sander ( ECR), VAN NIEUWENHUIZEN Cora ( ALDE), VIEGAS Miguel ( GUE/NGL), KAPPEL Barbara ( ENF) |
Committee Opinion | JURI | ||
Committee Opinion | IMCO | ||
Committee Opinion | LIBE |
Lead committee dossier:
Legal Basis:
TFEU 115, TFEU 218-p6b-ab, TFEU 218-p8-a2
Legal Basis:
TFEU 115, TFEU 218-p6b-ab, TFEU 218-p8-a2Subjects
Events
PURPOSE: to approve the conclusion of an Agreement between the EU and Monaco on the automatic exchange of financial account information, aimed at improving international tax cooperation and compliance
PROPOSED ACT: Council Decision.
NON-LEGISLATIVE ACT: Council Decision (EU) 2016/1830 on the conclusion, on behalf of the European Union, of the Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC.
CONTENT: the Council approved, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.
The Amending Protocol to the Agreement between the European Community and Monaco was signed on 12 July 2016 . It aligns the Agreement between the European Community and Monaco with the latest developments at international level concerning automatic exchange of information, namely, with the Global Standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Cooperation and Development (OECD).
The text of the Agreement, as amended by the Amending Protocol, is the legal basis for implementing the Global Standard in the relations between the Union and Monaco. It will contribute to efforts to clamp down on tax evasion, by requiring the EU Member States and Monaco to exchange information automatically . This will allow their tax administrations improved cross-border access to information on the financial accounts of each other's residents.
Information to be exchanged concerns not only income such as interest and dividends, but also account balances and proceeds from the sale of financial assets.
ENTRY INTO FORCE: 11.10.2016.
The European Parliament adopted by 549 votes to 16, with 23 abstentions, a legislative resolution on the proposal for a Council decision on the conclusion, on behalf of the European Union, of the Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC.
In line with the Committee on Economic and Monetary Affairs, Parliament approved the conclusion of the Amending Protocol to the Agreement.
The agreement aims at ensuring that Monaco applies strengthened measures that are equivalent to the EU legal framework, as upgraded in December 2014 (amending the Directive on Administrative Cooperation, " DAC2 ") and that comply with the procedures for automatic exchange of financial account information .
The Committee on Economic and Monetary Affairs adopted the report by Andreas SCHWAB (EPP, DE) on the proposal for a Council decision on the conclusion, on behalf of the European Union, of the Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC.
The committee approved the conclusion of the Amending Protocol to the Agreement.
To recall, the Amending Protocol represents an important step in ongoing efforts to clamp down on tax fraud and tax evasion and upgrades the 2004 agreement that ensured that Monaco applied measures equivalent to those in an EU directive on the taxation of savings income .
Under the new agreement, the EU Member States and Monaco will automatically exchange information on the financial accounts held on their territories by each other's residents, starting in 2018 for information collected since 1 January 2017. The aim is to address situations where a taxpayer seeks to hide capital representing income or assets for which taxes have not been paid.
The agreement aims at ensuring that Monaco applies strengthened measures that are equivalent to the EU legal framework, as upgraded in December 2014 (amending the Directive on Administrative Cooperation, " DAC2 ") and that comply with the procedures for automatic exchange of financial account information promoted by the 2014 OECD Global standard .
In line with that OECD standard, the new Agreement provides for further provisions which aim at securing that exchanged information concerns not only income such as interest and dividends, but also account balances and proceeds from the sale of financial assets. Unconditional exchange of information upon request must also be provided under the new agreement.
In the explanatory memorandum in the report, the rapporteur welcomes the Agreement and strongly urges for it to be concluded and ratified as soon as possible in order to ensure its complete entry into force.
PURPOSE: to conclude, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC.
PROPOSED ACT: Council Decision.
ROLE OF THE EUROPEAN PARLIAMENT: Council may adopt the act only if Parliament has given its consent to the act.
BACKGROUND: following the adoption of Council Directive 2003/48/EC , the Savings Directive, and in order to preserve a level playing field for economic operators, the EU signed Agreements with Switzerland, Andorra, Liechtenstein, Monaco and San Marino providing for measures equivalent to those laid down in the Directive. The Member States also signed agreements with the dependent territories of the United Kingdom and the Netherlands.
The importance of automatic exchange of information as a means of combating cross-border tax fraud and tax evasion has also been recognised at the international level.
In this regard, the Organisation for Economic Cooperation and Development (OECD) was mandated by the G20 to develop a single global standard for automatic exchange of financial account information (‘Global Standard’). The Global Standard was published by the OECD Council in July 2014.
Following the adoption of a proposal to update the Savings Directive, on 17 June 2011 the Commission adopted a recommendation for a mandate to initiate negotiations with Switzerland, Liechtenstein, Andorra, Monaco and San Marino, in order to upgrade the EU’s agreements with those countries in line with international developments and to ensure that those countries continue to apply measures equivalent to those in the EU. On 14 May 2013, the Council reached an agreement on the negotiating mandate.
On the basis of a proposal presented by the Commission in June 2013, on 9 December 2014 the Council adopted Directive 2014/107/EU amending Directive 2011/16/EU and extending the mandatory automatic exchange of information between EU tax authorities to a full range of financial items in accordance with the Global Standard.
As Directive 2014/107/EU is generally broader in scope than Directive 2003/48/EC and provides that in cases of overlap of scope, the Council, on the basis of a Commission proposal adopted Directive (EU) 2015/2060 repealing Directive 2003/48/EC.
The Commission considers it crucial to ensure that the amendment of the existing Savings Agreement with Monaco is in line with EU and international developments. This will increase tax transparency in Europe and will be the legal basis for implementing the OECD Global Standard on automatic exchange of information between Monaco and the EU.
CONTENT: the Commission proposes that the Council should adopt a decision approving, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.
The Amending Protocol implements the Global Standard between EU Member States and Monaco. It replaces the existing articles and annexes of the existing Agreement with a new set of provisions comprising 10 articles, an Annex I that reflects the OECD Common Reporting Standard which is part of the Global Standard, an Annex II that reflects important parts of the OECD Commentaries on the Global Standard, an Annex III that reflects the additional data protection safeguards to be put in place as regards data collection and exchanges under the Agreement, and an Annex IV that lists the competent authorities of Monaco and of each Member State.
The new articles reflect the articles of the OECD Model Competent Authority agreement for the implementation of the Global Standard . They include:
a full set of provisions on exchange of information upon request that follows the latest text of the OECD Model Tax Convention. a detailed set of provisions on data protection; an additional stage of consultation before any Member State or Monaco undertakes to suspend the Agreement as well as amendments to the Agreement; provisions on amendments to the Agreement, including a quick mechanism for provisional application by one of the Contracting Parties of amendments to the Global Standard, subject to the consent of the other Party.
Moreover, the Amending Protocol:
deals with issues on the transition from the existing Agreement to the amended Agreement as regards requests for information, credits available to beneficial owners for withholding tax, final payment of withholding tax by Monaco to Member States and final exchanges of information under the voluntary disclosure mechanism; includes a Protocol on additional safeguards related to the exchange of information on request. The text specifies that exchanges on the basis of a group request are not ruled out.
The revised Agreement is supplemented by four Joint Declarations of the contracting parties.
Documents
- Final act published in Official Journal: Decision 2016/1830
- Final act published in Official Journal: OJ L 280 18.10.2016, p. 0001
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T8-0284/2016
- Committee report tabled for plenary, 1st reading/single reading: A8-0206/2016
- Committee draft report: PE582.314
- Document attached to the procedure: COM(2016)0200
- Document attached to the procedure: EUR-Lex
- Legislative proposal published: COM(2016)0201
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: COM(2016)0200 EUR-Lex
- Committee draft report: PE582.314
Activities
- Louis ALIOT
Plenary Speeches (1)
- Marina ALBIOL GUZMÁN
Plenary Speeches (1)
- Marie-Christine ARNAUTU
Plenary Speeches (1)
- Hugues BAYET
Plenary Speeches (1)
- Xabier BENITO ZILUAGA
Plenary Speeches (1)
- Marie-Christine BOUTONNET
Plenary Speeches (1)
- Renata BRIANO
Plenary Speeches (1)
- Steeve BRIOIS
Plenary Speeches (1)
- Alain CADEC
Plenary Speeches (1)
- Nicola CAPUTO
Plenary Speeches (1)
- Alberto CIRIO
Plenary Speeches (1)
- Andi CRISTEA
Plenary Speeches (1)
- Javier COUSO PERMUY
Plenary Speeches (1)
- Edward CZESAK
Plenary Speeches (1)
- Michel DANTIN
Plenary Speeches (1)
- Mireille D'ORNANO
Plenary Speeches (1)
- Edouard FERRAND
Plenary Speeches (1)
- Lorenzo FONTANA
Plenary Speeches (1)
- Doru-Claudian FRUNZULICĂ
Plenary Speeches (1)
- Ildikó GÁLL-PELCZ
Plenary Speeches (1)
- Elena GENTILE
Plenary Speeches (1)
- Arne GERICKE
Plenary Speeches (1)
- Sylvie GODDYN
Plenary Speeches (1)
- Beata GOSIEWSKA
Plenary Speeches (1)
- Tania GONZÁLEZ PEÑAS
Plenary Speeches (1)
- Antanas GUOGA
Plenary Speeches (1)
- Takis HADJIGEORGIOU
Plenary Speeches (1)
- Brian HAYES
Plenary Speeches (1)
- Marian HARKIN
Plenary Speeches (1)
- Ivan JAKOVČIĆ
Plenary Speeches (1)
- Philippe JUVIN
Plenary Speeches (1)
- Barbara KAPPEL
Plenary Speeches (1)
- Béla KOVÁCS
Plenary Speeches (1)
- Giovanni LA VIA
Plenary Speeches (1)
- Marine LE PEN
Plenary Speeches (1)
- Paloma LÓPEZ BERMEJO
Plenary Speeches (1)
- Vladimír MAŇKA
Plenary Speeches (1)
- Andrejs MAMIKINS
Plenary Speeches (1)
- Dominique MARTIN
Plenary Speeches (1)
- Notis MARIAS
Plenary Speeches (1)
- Miroslav MIKOLÁŠIK
Plenary Speeches (1)
- Louis MICHEL
Plenary Speeches (1)
- Bernard MONOT
Plenary Speeches (1)
- Marlene MIZZI
Plenary Speeches (1)
- Sophie MONTEL
Plenary Speeches (1)
- József NAGY
Plenary Speeches (1)
- Norica NICOLAI
Plenary Speeches (1)
- Liadh NÍ RIADA
Plenary Speeches (1)
- Franz OBERMAYR
Plenary Speeches (1)
- Rolandas PAKSAS
Plenary Speeches (1)
- Marijana PETIR
Plenary Speeches (1)
- Salvatore Domenico POGLIESE
Plenary Speeches (1)
- Franck PROUST
Plenary Speeches (1)
- Robert ROCHEFORT
Plenary Speeches (1)
- Claude ROLIN
Plenary Speeches (1)
- Fernando RUAS
Plenary Speeches (1)
- Tokia SAÏFI
Plenary Speeches (1)
- Lola SÁNCHEZ CALDENTEY
Plenary Speeches (1)
- Remo SERNAGIOTTO
Plenary Speeches (1)
- Maria Lidia SENRA RODRÍGUEZ
Plenary Speeches (1)
- Monika SMOLKOVÁ
Plenary Speeches (1)
- Igor ŠOLTES
Plenary Speeches (1)
- Patricija ŠULIN
Plenary Speeches (1)
- Eleftherios SYNADINOS
Plenary Speeches (1)
- Tibor SZANYI
Plenary Speeches (1)
- Dubravka ŠUICA
Plenary Speeches (1)
- Claudia ȚAPARDEL
Plenary Speeches (1)
- Pavel TELIČKA
Plenary Speeches (1)
- Mihai ŢURCANU
Plenary Speeches (1)
- Mylène TROSZCZYNSKI
Plenary Speeches (1)
- Kazimierz Michał UJAZDOWSKI
Plenary Speeches (1)
- Ángela VALLINA
Plenary Speeches (1)
- Jarosław WAŁĘSA
Plenary Speeches (1)
- Pablo ZALBA BIDEGAIN
Plenary Speeches (1)
Votes
A8-0206/2016 - Andreas Schwab - Vote unique #
History
(these mark the time of scraping, not the official date of the change)
committees/0/shadows/3 |
|
docs/1/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE582.314New
https://www.europarl.europa.eu/doceo/document/ECON-PR-582314_EN.html |
events/1/type |
Old
Committee referral announced in Parliament, 1st reading/single readingNew
Committee referral announced in Parliament |
events/2/type |
Old
Vote in committee, 1st reading/single readingNew
Vote in committee |
events/3/docs/0/url |
Old
http://www.europarl.europa.eu/doceo/document/A-8-2016-0206_EN.htmlNew
https://www.europarl.europa.eu/doceo/document/A-8-2016-0206_EN.html |
events/5 |
|
events/5 |
|
procedure/Modified legal basis |
Rules of Procedure EP 159
|
procedure/Other legal basis |
Rules of Procedure EP 159
|
committees/0 |
|
committees/0 |
|
events/3/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0206&language=ENNew
http://www.europarl.europa.eu/doceo/document/A-8-2016-0206_EN.html |
events/5/docs/0/url |
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0284New
http://www.europarl.europa.eu/doceo/document/TA-8-2016-0284_EN.html |
activities |
|
commission |
|
committees/0 |
|
committees/0 |
|
committees/1 |
|
committees/1 |
|
committees/2 |
|
committees/2 |
|
committees/3 |
|
committees/3 |
|
council |
|
docs |
|
events |
|
links |
|
other |
|
procedure/Modified legal basis |
Old
Rules of Procedure of the European Parliament EP 150New
Rules of Procedure EP 159 |
procedure/dossier_of_the_committee |
Old
ECON/8/06246New
|
procedure/final/url |
Old
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016D1830New
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016D1830 |
procedure/subject |
Old
New
|
procedure/subtype |
Old
Consultation of ParliamentNew
|
procedure/summary |
|
procedure/title |
Old
EC/Monaco Agreement: taxation of savings income in the form of interest payments. ProtocolNew
EC/Monaco Agreement: taxation of savings income in the form of interest payments. Protocol |
activities/4/docs/0 |
|
activities/4/type |
Old
Decision by Parliament, 1st reading/single readingNew
Results of vote in Parliament |
activities/8 |
|
procedure/final |
|
procedure/stage_reached |
Old
Procedure completed, awaiting publication in Official JournalNew
Procedure completed |
procedure/summary/1 |
See also Directive 2003/48/EC
|
activities/5 |
|
activities/6 |
|
activities/7 |
|
procedure/stage_reached |
Old
Awaiting final decisionNew
Procedure completed, awaiting publication in Official Journal |
activities/3/docs/0/text |
|
activities/4/docs/0/text |
|
activities/4/docs |
|
activities/4/type |
Old
Vote in plenary scheduledNew
Decision by Parliament, 1st reading/single reading |
procedure/stage_reached |
Old
Awaiting Parliament 1st reading / single reading / budget 1st stageNew
Awaiting final decision |
activities/3 |
|
procedure/stage_reached |
Old
Awaiting committee decisionNew
Awaiting Parliament 1st reading / single reading / budget 1st stage |
activities/2 |
|
procedure/Modified legal basis |
Rules of Procedure of the European Parliament EP 150
|
activities/2/date |
Old
2016-06-22T00:00:00New
2016-06-23T00:00:00 |
activities/2/type |
Old
Indicative plenary sitting date, 1st reading/single readingNew
Vote in plenary scheduled |
activities/1/committees/0/shadows/4 |
|
committees/0/shadows/4 |
|
activities/1/committees/0/date |
2015-09-10T00:00:00
|
activities/1/committees/0/rapporteur |
|
activities/1/committees/0/shadows |
|
committees/0/date |
2015-09-10T00:00:00
|
committees/0/rapporteur |
|
committees/0/shadows |
|
activities/2 |
|
activities/0/docs/0/text |
|
activities/1 |
|
procedure/dossier_of_the_committee |
ECON/8/06246
|
procedure/stage_reached |
Old
Preparatory phase in ParliamentNew
Awaiting committee decision |
procedure/subtype |
Old
LegislationNew
Consultation of Parliament |
activities/0/commission/0 |
|
other/0 |
|
activities |
|
committees |
|
links |
|
other |
|
procedure |
|